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Video chain buys Reel.com in $100 mil deal

Published on July 31, 1998.

Video rental giant Hollywood Entertainment Corp. has agreed to buy online video store Reel.com in a deal valued at $100 million, the companies said in a statement. Hollywood Entertainment will issue 5 million shares of Hollywood Entertainment stock and $30 million in cash to stockholders of Reel.com. The deal is expected to close within 30 days. Reel.com offers access to more than 85,000 movie titles, movie information and recommendations.